Situation overview On September 13th, 2019 Tencent made a non-binding "take-private" offer for Bitauto at US$16 per share/ADS. This deal looks to have a high probability of closing given Tencent already owns 7.8% of Bitauto and has secured votes from the largest shareholders adding a further 48.5% (JD.com, Li Bin, Cox). As Bitauto is incorporated … Continue reading Yixin Group Limited (SEHK:2858)
Author: hiddenvalueblog
Boustead Projects (SGX:AVM)
First a hat tip to @aceglobalvalue and @backoftheenvelo for their extensive notes on BP. I will summarise my thoughts on the situation, but props should go to them for doing the groundwork. Situation Summary Boustead Projects is an OpCo/PropCo idea, with a high probability of the hidden Real Estate value being realised within a year, through … Continue reading Boustead Projects (SGX:AVM)
Connect Group plc (LSE:CNCT)
Connect Group plc Ticker: LSE:CNCT Price: 30p Shares: 247m Market cap: £74m Net debt: £70m EV: £145m Core EBIT: £41m EV/EBIT: 3.5X Core FCF: £28m FCF yield: 35% Thesis Summary Connect Group is a classic GoodCo/BadCo. The GoodCo in this case is Smiths News, the … Continue reading Connect Group plc (LSE:CNCT)
Hostelworld Group plc (LSE:HSW)
Ticker: LSE:HSW Market cap: £110m EV: £90m Normalised EV/FCF: 5X (pre-tax) Summary & Disclosure I own … Continue reading Hostelworld Group plc (LSE:HSW)
Staffline (AIM:STAF)
Overview Staffline has had a tumultuous twelve months to say the least. It all began with an ominous trading update in early January of this year, where they mentioned net debt had spiked to £63m from £37m in the preceding half due to acquisition costs and "exceptional items". Then on the 30th of January, they … Continue reading Staffline (AIM:STAF)
Odds & Ends
I've been pretty slack on the blog front of late, partly because I have not made many substantial investments that have warranted a full write-up, partly because it is summer and I have been on holidays and finally because a decent chunk of my time has been consumed reviewing (and bidding) on some private deals. … Continue reading Odds & Ends
Realm Therapeutics (NASDAQ:RLM) pt.2
Summary The following does not constitute investment advice and represents my opinion - which is biased because I am a shareholder. However, we encourage all shareholders in Realm to exercise their rights as owners of the copy and VOTE in the upcoming shareholder meeting. My firm, BAVARIA Industries Group AG, owns approximately 6% of … Continue reading Realm Therapeutics (NASDAQ:RLM) pt.2
Friends Bank (OTC:FRIE)
Note: this is an extremely illiquid situation. I purchased a few hundred shares over the week following the announcement, but have been unable to acquire any more at a price I consider safe. Therefore, this may not be an overly actionable idea, but is still interesting nonetheless. Business overview Friends Bank (FRIE) is an … Continue reading Friends Bank (OTC:FRIE)
Realm Therapeutics (AIM:RLM)
Disclosure - my firm and I have a substantial investment in Realm Therapeutics. The following should not be viewed as financial advice or a recommendation. Summary Realm Therapeutics, is a broken bio-tech, currently trading at a substantial discount to our estimated cash backing of 16p per share. We believe this opportunity exists for two … Continue reading Realm Therapeutics (AIM:RLM)
The Local Shopping REIT – Part 2
Recap Last month I posted a short summary describing why I thought LSR represented an interesting short term, arbitrage bet. The short version was: LSR traded at a substantial discount to its NAV and the largest shareholder had announced they may make a bid for the remaining shares. At the time, the stock was trading around 27p … Continue reading The Local Shopping REIT – Part 2
